HYF Managed High Yield Plus Fund, Inc.

Managed High Yield Plus Fund Inc. (the "Fund") (NYSE:HYF), a closed-end management investment company, today announced that the Fund’s Board of Directors has declared a dividend from net investment income of $0.0150 per share. The dividend is payable on October 31, 2012 to shareholders of record as of October 18, 2012. The ex-dividend date is October 16, 2012.

Managed High Yield Plus Fund Inc. seeks high income and, secondarily, capital appreciation, primarily through investments in lower-rated, income producing debt and related equity securities.

Portfolio statistics as of September 30, 20121       Top ten corporate bonds,

including coupon and maturity

      Percentage of total portfolio assets SquareTwo Financial Corp., 11.625%, 4/1/2017 1.3% Ryerson Inc., 12.000%, 11/1/2015 1.2% INTL Lease Financial Corp., 7.125%, 9/1/2018 1.2% NRG Energy Inc, 8.500%, 6/15/2019 1.2% Ally Financial Inc. 8.000%, 3/15/2020 1.1% Ford Motor Credit Co LLC, 12.000%, 5/15/2015 1.1% Bank of America Corp., 5.650%, 5/1/2018 1.0% MGM Resorts Intl, 10.000%, 11/1/2016 1.0% Sunguard Data Systems Inc, 10.250%, 8/15/2015 0.9% Nova Chemicals Corp., 8.625%, 11/1/2019       0.8%   Top five industries       Percentage of total portfolio assets Energy - exploration & production       7.7% Telecom - integrated/services 5.8% Banking 5.1% Support services 5.1% Gaming       4.9%   Credit quality2       Percentage of total portfolio assets Ba/BB and higher 35.1% B/B 44.1% Caa/CCC and lower 17.3% Cash equivalents 2.6% Not Rated       0.9% Total 100.0%   Other characteristics         Net asset value per share3 $2.20 Market price per share3 $2.21 Weighted average life 4.62 yrs Weighted average modified duration4 3.60 yrs Weighted average coupon5 7.79% Leverage6 26.96% Yields3         NAV yield 8.18% Market yield 8.14%

1 The Fund is actively managed, and its portfolio composition will vary over time.2 Credit quality ratings are from Moody’s, unless that rating is unavailable. If so, the default credit quality rating will be from Standard & Poor's; if that is unavailable, an internal rating from UBS Global AM will be used if assigned. Standard & Poor's ("S&P") is a division of The McGraw-Hill Companies, Inc.3 Net asset value (NAV), market price and yields will fluctuate. NAV yield is calculated by multiplying the current month’s dividend by 12 and dividing by the month-end net asset value. Market yield is calculated by multiplying the current month’s dividend by 12 and dividing by the month-end market price.4 Modified duration is the change in the price of a security, expressed in years, expected in response to each 1% change in the yield to maturity of the portfolio's holdings.5 Weighted by par.6 As a percentage of adjusted net assets. Adjusted net assets equals total assets minus total liabilities, excluding liabilities for borrowed money.